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A property expert is predicting this Saturday will be one of the biggest auction days of the year as sellers flood the autumn market to avoid the distractions of the following long weekend break.
Booming housing markets are set to smash auction records across the board, Dr Andrew Wilson, Archistar’s chief economist, said.
According to Dr Wilson, Melbourne and Sydney are the most popular auction markets by volume, with listings in those capitals soaring this weekend to record levels.
In fact, auction numbers in Melbourne will likely be well over 1,600 this weekend, challenging the previous pre-Easter Super Saturday record of 1,715 set in 2018. Similarly, Sydney listings this Saturday are set to exceed the previous autumn record of 1,154 set in 2017, Dr Wilson tipped.
Other capitals are also set to provide buyers with unprecedented autumn choices.
“Auction clearance rates have climbed to unprecedented levels over March in most capitals, reflecting unprecedented buyer competition for available property,” Dr Wilson explained.
“Sydney weekend clearance rates have averaged a record 89.9 per cent over the month so far, with Melbourne 81.4 per cent, Brisbane 81.1 per cent, Adelaide 93.1 per cent and Canberra 89.9 per cent.”
As such, Dr Wilson opined that this weekend presents “red-hot housing markets with their biggest tests of the year”, with unprecedented autumn auction offerings clearly testing buyer depth.
“Clearance rates are likely to remain high, however, with the market constraints of recent years now released and surging buyer demand seemingly yet to be satisfied,” Dr Wilson said.
“With high listings numbers, clearance rates at record levels and home prices soaring, the number of auction sales and the total value of homes sold this weekend will clearly smash previous records — providing a bonanza for state government stamp duty collections.”
According to the expert, the most popular auction suburbs this weekend are:
Sydney – Strathfield, Mosman, Ashfield, Blacktown and Castle Hill
Melbourne – Reservoir, Craigieburn, Glen Waverley, Richmond and Coburg
Brisbane – New Farm, Runcorn, Camp Hill, Norman Park and Sunnybank Hills
Adelaide – Daw Park, Mawson Lakes, Plympton, Black Forest and Broadview
Canberra – Hackett, Ainslie, Casey, Crace and Curtin
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